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WH Ireland

  • BY: Andrew Hore |
  • POSTED: 02/03/2010 |

Aim Adviser WH Ireland remained loss-making in the year to November 2009 but is says that there are signs of improvement.

Revenues from continuing operations slipped from £26.8m to £24.6m. This does not include the loss-making Australian stockbroking activities, where WH Ireland’s stake was reduced to 37.3% during the year. The loss was reduced from £2.48m to £2.08m. 

There was a £700,000 charge for restructuring the business and the number of employees has been reduced. Annualised cost savings should total £2.1m. WH Ireland is retaining its back office operations and hopes to generate outside revenues from these services.

Net cash was £1.83m at the end of November 2009. The net asset value, excluding goodwill and intangibles, is £10.9m.

At 37p a share, down 5.5p, WH Ireland is valued at £7.88m.

The forthcoming general election will continue to create uncertainty in the short-term. 

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